Activity
Mon
Wed
Fri
Sun
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
What is this?
Less
More
Business & MF Accelerator 🚀
21
$297/m
15 contributions to Business & MF Accelerator 🚀
Mar '25 •
Houston Deal
@Seth Sundberg Gil and I have a small deal here in East Houston. Off Market- only given to like 3 people. Broker said to aim at like 7 cap. I have exit at 7.5. Doing an LOI at $5.7M so not big but 120 units.
1
0
Feb '25 •
Might have a fish
@Seth Sundberg Gil and I have a seller interested in our LOI- $13M, wanted $17M. The downside, HOA, but in a nice area. 11911 Marsh Ln, Dallas, TX 75234 Before the seller shoots over more info on the HOA, he wants to know our history which is not sufficient. Are you interested in HOA holds? We want to see how much of a hold the HOA as we would love to dumb it. Almost $600k expense. Let me know your thoughts.
0 likes • Feb '25
Yes. I need to move to your model.
1 like • Feb '25
I guess the seller wants more money. Not going to happen so we are going to pass.
Jan '25 •
Albilene Auction- 105 Units
@Seth Sundberg Received an auction in Abilene, TX https://rimarketplace.com/auction/2321/courtyard-park-apartments-abilene-tx Auction starts at $1.1M How do these work? I know we UW the same as any other property but I take it we need the cash at time of auction, then refinance right after? Auction is not until March 10.
Jan '25 •
DFW
Saw on this LinkedIn. 19,400 units under bridge financing from 21-22 peak year. I guess converting to HFC ( House Finance Corporation) creates the big tax abatement but it is also taking property tax revenue out of TX coffers. If all these units go to HFC it takes $41M out of property tax revenue. I bet that won't last long.
Jan '25 •
199 Units, Austin, TX
@Gurpreet Gill @Seth Sundberg Seth- emailed you a deal in your model on 199 Units in Austin, TX. Not the best area in Austin, but has potential.
0 likes • Jan '25
[attachments]
0 likes • Jan '25
1. C area next to a D- north Austin. Not the best area in Austin. 2. Seller claims there will be a $500K tax abatement on day one. This is through a wholesaler so I am trying to get info on what program this is. 3. Seller wants $35M, hence why it is going through a wholesaler. We are at $28M so 7 cap which based on Gil's research is the going cap rate for C area Austin. 4. Deal does not work without abatement. Only like a $100 a unit on upside but rehab has to be done. 5. COC at aq is 5.8%. 6. We do not have a debt quote yet, but using 6% at 65% LTV. Based on our discussions with brokers, it feels like Austin is definitely getting to bottom. I believe the rest of TX is about to follow. Brokers are turning away deals on sellers wanting the inflated prices and the ones popping up appear to be sellers that over-paid.
1-10 of 15
Active 176d ago
Joined Nov 29, 2024